Zhejiang Yongtai Technology Co Ltd Preliminary Estimation for the Interim Results (0652G)
July 14 2023 - 3:23AM
UK Regulatory
TIDMYTT
RNS Number : 0652G
Zhejiang Yongtai Technology Co Ltd
14 July 2023
ZHEJIANG YONGTAI TECHNOLOGY CO., LTD.
(GDR under the symbol: "YYT")
(a joint stock company established under the laws of the
People's Republic of China with limited liability)
Preliminary Estimation for the Interim Results of 2023
The Company and all members of the Board of Directors confirm
that all the information contained in this information disclosure
is true, accurate and complete and that there is no false and
misleading statement or material omission in this information
disclosure.
I. Preliminary Results for the Current Period
1. Period for the estimated results: 1 January 2023 to 30 June
2023;
2. Estimated results:
ð Loss ð Turn loss into profit
ð Increase over last year Decrease over last year
Item Current reporting Corresponding
period period last
year
Net profit Profit: RMB30 million Profit:
attributable - RMB42 million RMB493.6041
to million
the shareholders
of the
listed
company
----------------------------- ---------------
Decreased by 93.92%-91.49%
as compared to
the corresponding
period last year
----------------------------- ---------------
Net profit Loss: RMB50 million Profit:
after deducting -RMB38 million RMB488.8735
non-recurring million
gains and
losses
----------------------------- ---------------
Decreased by 110.23%-107.77%
as compared to
the corresponding
period last year
----------------------------- ---------------
Basic Profit: RMB0.03/share Profit:
earnings - RMB0.05/share RMB0.56/share
per share
----------------------------- ---------------
II. Communication with Accounting Firm
The financial data related to this preliminary results has not
been audited by the accounting firm.
III. Explanation for the Changes in Results
(1) The overall results of this reporting period decreased
significantly compared to the corresponding period last year,
mainly due to the changes in performance of the Company's lithium
battery materials segment. During the reporting period, the main
product of the Company's lithium battery materials was lithium
hexafluorophosphate. Although the sales quantity of this product
increased year on year, the market price fell significantly over
the corresponding period last year due to changes in the supply and
demand relationship between upstream and downstream in the short
term, resulting in a sharp decline in product sales revenue. On the
other hand, the market price of lithium carbonate, the upstream raw
material, was high at the end of last year and at the beginning of
this reporting period, and the inventory of raw materials at the
beginning of the period was also relatively high, resulting in a
relatively high overall cost of lithium battery materials during
the reporting period. Under the dual impact of lower sales prices
and higher costs, the gross margin and gross profit of the
Company's lithium battery materials segment in the first half of
the year decreased significantly compared to the corresponding
period last year. At present, the high-priced raw materials at the
beginning of the period have been used up.
(2) The impact of non-recurring gains and losses on net profit
during this reporting period is approximately RMB80 million, mainly
due to the asset disposal gains generated from the demolition and
compensation of the properties owned by two subsidiaries in
Shanghai.
IV. Other Relevant Explanation
This preliminary result is based on the estimat ion of the
Finance Department of the Company, and the specific financial data
is subject to the 2023 interim report to be disclosed by the C
ompany. Investors are kindly advised to make cautious decisions and
pay attention to investment risks.
Board of Directors
Zhejiang Yongtai Technology Co., Ltd.
1 4 July 2023
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END
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